Choice International Limited Stock Forecast
Green day on Thursday for Choice International Limited stock after gaining 0.208%
(Updated on Jun 27, 2024)
The Choice International Limited stock price gained 0.208% on the last trading day (Thursday, 27th Jun 2024), rising from ₹383.95 to ₹384.75. It has now gained 10 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 1.64% from a day low at ₹382.00 to a day high of ₹388.25. The price has risen in 10 of the last 10 days and is up by 5.31% over the past 2 weeks. Volume fell on the last day by -674 thousand shares and in total, 475 thousand shares were bought and sold for approximately ₹182.82 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 13.17% during the next 3 months and, with a 90% probability hold a price between ₹412.30 and ₹452.56 at the end of this 3-month period.
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CHOICEIN.NS Signals & Forecast
The Choice International Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ₹380.22 and ₹362.49. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 04, 2024, and so far it has risen 15.91%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Choice International Limited stock
Choice International Limited finds support from accumulated volume at ₹383.95 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹6.25 between high and low, or 1.64%. For the last week, the stock has had daily average volatility of 4.85%.
The Choice International Limited stock is extremely overbought on RSI14 (99). This increases the short-term risk substantially. Since the Choice International Limited has been rising for 10 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Our recommended stop-loss: ₹372.26 (-3.25%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 99 and this increases the risk substantially. There is a buy signal from a pivot bottom found 24 days ago.)
Trading Expectations (CHOICEIN.NS) For The Upcoming Trading Day Of Friday 28th
For the upcoming trading day on Friday, 28th we expect Choice International Limited to open at ₹385.00, and during the day (based on 14 day Average True Range), to move between ₹370.50 and ₹399.00, which gives a possible trading interval of +/-₹14.25 (+/-3.70%) up or down from last closing price. If Choice International Limited takes out the full calculated possible swing range there will be an estimated 7.41% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹383.95, some ₹0.80 (0.21%) from the current price of ₹384.75, our system finds the risk reward attractive.
Is Choice International Limited stock A Buy?
Choice International Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Choice International Limited of Friday, June 28, 2024
| Fair opening price June 28, 2024 | Current price |
|---|---|
| ₹385.00 ( 0.0650%) | ₹384.75 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CHOICEIN.NS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 391.25 | 1.69% |
| R2 | 388.86 | 1.07% |
| R1 | 387.39 | 0.686% |
| Price | 384.75 | |
| S1 | 382.61 | -0.556% |
| S2 | 381.14 | -0.94% |
| S3 | 378.75 | -1.56% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 384.75 | |
| S1 | 383.95 | -0.208% |
| S2 | 365.35 | -5.04% |
| S3 | 356.35 | -7.38% |
FAQ
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